Brain-computer interface (BCI) systems allow users to interact with external devices without using their peripheral nervous system, through the use of electroencephalography (EEG). The brain’s electrical activity is measured with the help of EEG devices and transmitted to the BCI algorithms to execute user-intended commands via external assistive technologies or brain implants. They are being widely used for medical purposes such as treating patients suffering from stroke, Parkinson’s disease and spinal cord injuries. The use of non-invasive wireless EEG devices has increased significantly in recent years due to their advantages over wired EEG devices like higher portability and flexibility during use.

The global Brain Computer Interface market is estimated to be valued at US$959.29 million in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends that is expected to gain traction in the brain computer interface market is the integration of brain sensing technologies with artificial intelligence systems. Companies are increasingly focusing on combining BCI devices with machine learning algorithms to implement more human-like interactions between the brain and computers. For instance, Neuralink Corporation is developing AI-controlled brain-machine interfaces that can translate complex neuron signals into quantitative measures that can then be interpreted by AI assistants. Another key trend is the growing popularity of non-invasive dry EEG headsets that do not require conductive gels or pastes. Such dry electrode EEG systems offer several usability benefits over traditional wet electrode systems and are more affordable options for bringing BCI technology to the consumer market. As these technologies progress, new use cases for BCI are expected to emerge across application areas like augmented/virtual reality, gaming, motor rehabilitation, and more.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate in the Brain Computer Interface Market. Developing BCI technology requires large investments in R&D. Established players have significant resources devoted to R&D which makes it difficult for new players to enter.

Bargaining power of buyers: The bargaining power of buyers is high owing to the presence of a large number of players offering similar BCI technologies. Buyers can negotiate on price and demand differentiated products.

Bargaining power of suppliers: The bargaining power of suppliers is low given the availability of substitute components and suppliers in the market. Suppliers do not have control over pricing.

Threat of new substitutes: The threat of new substitutes is high. Emerging technologies like machine learning, artificial intelligence pose a threat to replace existing BCI applications.

Competitive rivalry: The competitive rivalry in the market is high due to the presence of many global and regional players offering similar technologies. Players compete on the basis of technological advancements, product differentiation and pricing.

Key Takeaways

The global Brain Computer Interface Market Share is expected to witness high growth over the forecast period. North America dominates the market currently due to high adoption of advanced medical technologies and the presence of key players in the region. The global Brain Computer Interface market is estimated to be valued at US$959.29 million in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.

Regional analysis:

North America leads the global BCI market currently with the US accounting for the largest share. Strong government funding for BCI research and advanced healthcare infrastructure have supported market growth. Europe follows North America in terms of market size due to increasing funding for BCI projects from the European Commission.

Key players:

Key players operating in the Brain Computer Interface are Neuralink Corporation, Neurable, Emotiv Inc., BitBrain, Alpha Omega, Blackrock Microsystems, LLC, Femtonics Ltd, NeuroNexus, Opto Circuits (India) Limited, BIOTRONIK, Plexon Inc., Noldus Information Technology, NextMind, Nectome, and Paradromics. Neuralink Corporation has made significant investments to develop invasive BCIs using neural lace technology. Neurable focuses on non-invasive BCIs using EEG and VR/AR.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it